Viacom Inc.’s Paramount Pictures has received none of the money it is owed by two Chinese partners in a $1 billion co-financing deal signed in January, the studio’s chief executive said Friday.

Shanghai Film Group Corp. and Huahua Media in January agreed to cover 25% of the cost of every movie Paramount makes for three years. But the funds have been held up by regulatory hurdles on foreign investment imposed by the Chinese government, Paramount Chief Executive Jim Gianopulos said at a media investor conference.